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Trending ETFs

Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Virtus Seix Senior Loan ETF

SEIX | Active ETF

$24.00

$123 M

7.77%

$1.86

0.63%

Vitals

YTD Return

3.7%

1 yr return

11.2%

3 Yr Avg Return

5.6%

5 Yr Avg Return

5.2%

Net Assets

$123 M

Holdings in Top 10

15.4%

52 WEEK LOW AND HIGH

$24.0
$23.43
$24.23

Expenses

OPERATING FEES

Expense Ratio 0.63%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Virtus Seix Senior Loan ETF

SEIX | Active ETF

$24.00

$123 M

7.77%

$1.86

0.63%

SEIX - Profile

Distributions

  • YTD Total Return 3.7%
  • 3 Yr Annualized Total Return 5.6%
  • 5 Yr Annualized Total Return 5.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.20%
DIVIDENDS
  • Dividend Yield 7.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Virtus Seix Senior Loan ETF
  • Fund Family Name
    Virtus ETFs
  • Inception Date
    Apr 24, 2019
  • Shares Outstanding
    3275004
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Vincent Flanagan, CFA

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal market circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in a combination of first- and second-lien senior floating rate loans. These loans are made by banks and other large financial institutions to various companies and are senior in the borrowing companies’ capital structure.

Coupon rates are generally floating, not fixed, and are tied to a benchmark lending rate, such as the London Interbank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”) or the prime rate, or are set at a specified floor, whichever is higher. In selecting investments for the Fund, Seix Investment Advisors (“Seix”), a division of Virtus Fixed Income Advisers, LLC, the Fund’s sub-adviser, will emphasize loans rated below investment grade or unrated loans that Seix believes are of comparable quality.

Although loan investments are generally subject to certain restrictive covenants in favor of the investor, many of the loans in which the Fund will invest may be issued or offered as “covenant lite” loans, which have no financial maintenance covenants. Although covenant lite loans contain no financial maintenance covenants, information necessary to monitor a borrower’s financial performance may be available without covenants to lenders and the public alike, and can be used to detect such early warning signs as deterioration of a borrower’s financial condition or results. When such information is available, the portfolio managers will seek to take appropriate actions without the help of covenants in the loans.

The Fund may also invest in any combination of (i) junior debt securities or securities with a lien on collateral that is lower than a senior claim on collateral, and (ii) debt securities that are rated below investment grade (sometimes referred to as “junk bonds”) by Moody’s Investors Service, Inc. (“Moody’s”) and S&P Global Ratings (“S&P”) or in comparable unrated securities as determined by Seix, such as high yield fixed-rate bonds. The Fund may also invest a portion of its assets in securities that are restricted as to resale (e.g., Rule 144A securities).

The Fund may invest up to 20% of its total assets in senior loans made to non-U.S. borrowers, including those located in emerging markets countries (i.e., those that are in the early stages of their economic development), although the Fund intends to invest in only U.S. dollar- denominated loans. There are no limits on the Fund’s average-weighted maturity or on the remaining maturities of individual securities in which the Fund may invest.

Some types of senior loans in which the Fund may invest require that an open loan for a specific amount be continually offered to a borrower. These types of senior loans are commonly referred to as revolvers. Because revolvers contractually obligate the lender (and therefore those with an interest in the loan) to fund the revolving portion of the loan at the borrower’s discretion, the Fund must have assets sufficient to cover its contractual obligation. Therefore, the Fund will maintain, on a daily basis, high-quality, liquid assets in an amount at least equal in value to its contractual obligation to fulfill the revolving senior loan. The Fund will not encumber any assets that are otherwise encumbered. The Fund will limit its investments in revolvers to no more than 10% of the Fund’s total assets.

In addition, to implement its investment strategy, the Fund may buy or sell derivative instruments (such as swaps, including credit default swaps, futures, credit linked notes, and options) to gain exposure to an asset class or a particular issuer, or to hedge or adjust its exposure to other risks, such as interest rate or credit risk. The Fund may count the value of certain derivative instruments with economic characteristics similar to senior floating rate loans towards its 80% policy discussed above.​

In order to meet short-term liquidity needs, the Fund employs a variety of techniques, such as investing in highly liquid fixed income securities and holding a portion of its assets in cash. Although not a principal investment strategy, the Fund may, under certain market conditions, borrow from banks an amount up to 33 1/3% of its total assets (including the amount borrowed) for investment purposes, to raise cash to meet its obligations, and for temporary, extraordinary or emergency purposes.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can. In attempting to meet its investment objective, the Fund may engage in active and frequent trading of portfolio securities.

In addition, from time to time the Fund may focus its investments (i.e., invest more than 15% of its total assets) in one or more particular sectors. As of July 31, 2023, the Fund focused its investments in the consumer cyclical and communications sectors.

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SEIX - Performance

Return Ranking - Trailing

Period SEIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -96.4% 6.5% 67.27%
1 Yr 11.2% -96.3% 15.2% 23.64%
3 Yr 5.6%* -67.0% 8.2% 18.01%
5 Yr 5.2%* -47.8% 37.6% 5.65%
10 Yr N/A* -2.2% 19.3% 6.78%

* Annualized

Return Ranking - Calendar

Period SEIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -12.0% 11.1% 50.18%
2022 -7.2% -22.9% 5.1% 45.90%
2021 1.2% -12.2% 11.1% 40.23%
2020 -0.7% -14.1% 289.8% 8.80%
2019 N/A -8.1% 7.5% N/A

Total Return Ranking - Trailing

Period SEIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -96.4% 6.5% 67.27%
1 Yr 11.2% -96.3% 15.2% 23.64%
3 Yr 5.6%* -67.0% 8.2% 18.01%
5 Yr 5.2%* -47.8% 37.6% 5.65%
10 Yr N/A* -2.2% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period SEIX Return Category Return Low Category Return High Rank in Category (%)
2023 12.5% -12.0% 22.1% 45.45%
2022 -1.8% -22.9% 5.1% 35.07%
2021 5.5% -10.2% 11.1% 31.42%
2020 3.2% -14.1% 306.9% 14.40%
2019 N/A -3.6% 10.5% N/A

SEIX - Holdings

Concentration Analysis

SEIX Category Low Category High SEIX % Rank
Net Assets 123 M 29.9 M 13.5 B 89.43%
Number of Holdings 162 2 1848 88.76%
Net Assets in Top 10 15.6 M -191 M 2.48 B 94.76%
Weighting of Top 10 15.40% 5.2% 100.8% 47.74%

Top 10 Holdings

  1. OLDCASTLE BUILDI 04/14/29 1.89%
  2. BARNES 10/01/30 1.77%
  3. TIBCO SOFTWAR 09/29/28 1.68%
  4. AADVANTAGE LOYAL 04/20/28 1.64%
  5. RAND PARENT LLC 02/08/30 1.56%
  6. DOMTAR 10/01/28 1.51%
  7. PLAYA FUNDING 01/05/29 1.47%
  8. NEW FORTRESS ENE 10/30/28 1.33%
  9. MILEAGE PLUS 06/21/27 1.27%
  10. UFINET (ZACAPA) 02/10/29 1.26%

Asset Allocation

Weighting Return Low Return High SEIX % Rank
Bonds
99.53% 0.00% 161.82% 12.36%
Cash
0.46% -61.90% 20.29% 77.53%
Other
0.01% -52.39% 26.58% 48.69%
Stocks
0.00% 0.00% 100.78% 94.38%
Preferred Stocks
0.00% -3.99% 6.22% 53.18%
Convertible Bonds
0.00% 0.00% 5.51% 59.25%

Bond Sector Breakdown

Weighting Return Low Return High SEIX % Rank
Corporate
87.36% 0.00% 99.80% 66.79%
Derivative
0.01% -11.50% 1.00% 35.96%
Cash & Equivalents
0.00% 0.00% 25.03% 86.52%
Securitized
0.00% 0.00% 91.68% 64.53%
Municipal
0.00% 0.00% 0.47% 32.45%
Government
0.00% 0.00% 3.18% 43.02%

Bond Geographic Breakdown

Weighting Return Low Return High SEIX % Rank
US
99.53% 0.00% 143.64% 10.49%
Non US
0.00% 0.00% 63.23% 61.42%

SEIX - Expenses

Operational Fees

SEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.63% 0.03% 12.26% 94.89%
Management Fee 0.57% 0.00% 1.89% 28.83%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

SEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

SEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 180.00% N/A

SEIX - Distributions

Dividend Yield Analysis

SEIX Category Low Category High SEIX % Rank
Dividend Yield 7.77% 0.00% 11.13% 20.36%

Dividend Distribution Analysis

SEIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SEIX Category Low Category High SEIX % Rank
Net Income Ratio 3.20% 1.77% 9.82% 72.90%

Capital Gain Distribution Analysis

SEIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SEIX - Fund Manager Analysis

Managers

Vincent Flanagan, CFA


Start Date

Tenure

Tenure Rank

Apr 23, 2019

3.11

3.1%

Vince is an experienced leveraged finance research analyst focused on the media and technology industries and became a portfolio manager on the Leveraged Loan Strategy in October of 2011. Before joining Seix he was the director of research for Assurant, Inc., covering the telecommunications, cable/media, utility and broadcasting industries. Vince began his career at TD Securities advancing to a senior high yield research analyst, where he focused on US and Canadian wireless carriers. Vince received a B.S. degree in Finance from New York University and is a CFA Charterholder.

George Goudelias


Start Date

Tenure

Tenure Rank

Apr 23, 2019

3.11

3.1%

George is the head of the firm’s leveraged finance platform. In this capacity, he provides strategic oversight of high yield bond portfolio management activities as well as serving as senior portfolio manager for all leveraged loan portfolios. George joined Seix in 2001 as head of leveraged finance research, and subsequently launched the Leveraged Loan Strategy in 2005. Since inception of this strategy, this has expanded to include all leveraged loan portfolios and CLOs. Prior to joining Seix he was a senior high yield research analyst at J.P. Morgan Securities. George received both a Bachelor of Science degree in Finance and Accounting and a Master of Business Administration degree in Finance from New York University.

Eric Guevara


Start Date

Tenure

Tenure Rank

Aug 31, 2019

2.75

2.8%

Eric is the senior leveraged loan trader on the leveraged finance team. Eric joined Seix as a trade flow administrator in 2000 and gained experience as a junior trader in the investment grade group from 2001 to 2006 before moving into his current position in the high yield leveraged loan group. Eric received a B.S. degree in Computer Operations from Seton Hall University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.03 3.25